Work is expected to begin at the Playsport Scotland leisure complex in East Kilbride, South Lanarkshire, next year and is due to be complete by 2026.
Steve Timoney, founder of stock market listed group Smart Metering Systems, is behind what has been called the largest single investment in Scottish basketball history.
Mr Timoney, who owns the British Basketball League (BBL) and Women’s BBL club along with his wife Alison, said: “This is a hugely exciting moment for the future of the Caledonia Gladiators.
“Our new base at Playsport will go on to become one of the finest basketball facilities in Europe once it is completed in 2026.
“It includes plans for a class-leading academy, which will train youngsters from Scotland and across the world with the aim of developing them into elite players.”